Tuesday Post #2: Port Moody Snapshot - houses priced above $900,000 have a 3.2% sold rate

We haven't really focused specifically on the Vancouver suburb of Port Moody before, but at first blush high end homes there are faring just as bad as Richmond.

The above info comes to us via realtor Bill Coughlin's blog and his report covers Belcarra, College Park PM, Barber Street, Anmore, Glenayre and all the sub-areas of Port Moody Real Estate Market.

Coughlin tells us Port Moody has a 12% sold rate... but take a look at the wild swing in home sale success.

• Homes priced below $600,000 have 41.7 %SOLD rate. Not bad.
• But homes priced above $900,000 have an abysmal 3.2 %SOLD rate. And given that Belcarra is almost exclusively houses assessed with multi-million dollar homes, that's a disaster.

Couglin tells us that the Pt Moody RMR Home Price Index (another franken number formula?) shows that prices decreased $25,245 in 2012. He says Pt Moody has a high Listing supply; 148 homes are for sale with 8 months of inventory. At this sell through rate approximately 111 of these listings will not sell. Currently 28% of the active listings have reduced their price by $47,449 on average.

Sounds pretty ugly, doesn't it?

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